Blackstone, Tether Duo Tap Wilbur Ross for Crypto Reserve

A former Blackstone Inc. dealmaker and a co-founder of stablecoin giant Tether Holdings SA are teaming up to raise $1 billion for a listed crypto vehicle that aims to hoard a portfolio of digital assets.

The capital is being raised via M3-Brigade Acquisition V Corp., a special-purpose acquisition company backed by the pair. The vehicle would hold a diversified mix of tokens including Bitcoin, Ether and Solana, according to people familiar with the matter, who asked not to be identified as the discussions are confidential.